Goldman Sachs-backed cryptocurrency-focused financial services firm, Circle said that it completed nearly $24 billion worth of notional volume while executing over the counter (OTC) trades in 2018.
Through a Medium blogpost, the company said, “At the other end of the spectrum, our OTC trading business, Circle Trade, has continued to expand despite a tumultuous year for the industry: we onboarded a record number of new institutional clients (more on that below), grew our trading operations to 24/7 with coverage in the US, Europe and Asia, and added significant workflow improvements, including the launch of our RFQ Electronic API.”
It added, “Circle Trade executed, more than 10,000 OTC trades, with nearly 600 distinct counterparties, across 36 different crypto assets.”
It also talked about the stablecoin it had launched in collaboration with cryptocurrency exchange, Coinbase, US Dollar Coin (USDC). Talking about the stablecoin, Circle said, “This approach has been widely supported in the marketplace, with USDC rapidly rising to be the second largest fiat stablecoin by market cap ($280M at the time of writing), growing at nearly 10% per week, and on its way to be the largest fiat token in 2019.”
Early last year, the company had also acquired cryptocurrency exchange Poloniex. At the time, it had said, “It was one of the first exchanges in the world to offer meaningful liquidity in ethereum, it was the first exchange to reach $1 billion in daily volume, and it has continued to boost innovation by hosting a broad variety of carefully selected tokens. Customers have traded crypto assets equating to billions of dollars through the Poloniex platform.”
While all these achievements are noteworthy, it is also important to remember that Circle had allegedly struck up connections with the Securities and Exchange Commission (SEC) for preferential treatment.
As earlier reported by Crypto-News India, a presentation detailed that by acquiring Poloniex, “Circle will become the first regulated crypto exchange in the United States of America and will provide a platform for all kinds of token including tokens that are deemed as security.”
Apparently the company had also approached the U.S. Securities and Exchange Commission regarding registering “the new entity as a broker with regulating bodies such as SEC and FINRA and in turn would be licensed as an electronic market place.” The SEC reportedly was very pleased with the development and promised Circle of close co-operation.
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